Chubb Reports First Quarter Net Income Per Share of $4.59 Versus
$5.07 Prior Year, and Record Core Operating Income Per Share of
$3.82, Up 51.6%; P&C Combined Ratio Was a Record 84.3%; Global
P&C Commercial Lines Net Premiums Written Up 10.3%, or 11.9% in
Constant Dollars
• Net income was $1.97 billion versus $2.30 billion prior year and core operating income was $1.64 billion
versus $1.14 billion prior year.
• Consolidated net premiums written were up 6.2%, or 8.1% in constant dollars. Global P&C net premiums
written, which exclude Agriculture, were up 8.8%, or 10.7% in constant dollars, driven by growth in
commercial lines of 11.9% and consumer lines of 7.9%.
• North America P&C net premiums written were up 6.8%, with commercial lines excluding Agriculture
up 10.5%, consumer lines up 7.0%, and Agriculture down 65.9%. Agriculture included a $161 million
return of premium to the federal government under the profit-sharing agreement reflecting the
profitable 2021 crop year. Overseas General P&C net premiums written were up 6.5%, or 11.9% in
constant dollars, including growth in commercial lines of 13.6% and consumer lines of 9.0%.
• P&C underwriting income was a record $1.28 billion, up 106.2%, leading to a record P&C combined ratio
of 84.3%, compared with 91.8% prior year. P&C current accident year underwriting income excluding
catastrophe losses was $1.38 billion, up 21.7%, leading to a record P&C current accident year combined
ratio excluding catastrophe losses of 83.5%, compared with 85.2% prior year.
• Total pre-tax and after-tax P&C catastrophe losses were $333 million and $290 million, respectively,
compared with $700 million and $570 million, respectively, last year.
• Operating cash flow was $2.44 billion.
• Annualized return on equity (ROE) was 13.6% and annualized core operating ROE was 11.3%. Annualized
core operating return on tangible equity (ROTE) was 17.1%.
https://s1.q4cdn.com/677769242/files/doc_financials/2022/q1/1st-Quarter-2022-Earnings-Press-Release.pdf
